Elevation Capital, an early-stage venture capital firm, has closed its eighth India-dedicated fund at $670 million, its largest-ever corpus. The announcement comes amid signs of a funding slowdown and overall macro headwinds hurting global tech investments and valuations. 

Elevation Capital | Early-stage Investing

Elevation Capital, formerly Saif Partners, closed around 30 deals last year and will continue to write cheques of $2-$5 million during the early stages, with capital commitments going up to $25 million during the lifecycle of a startup.

The firm, which has backed the likes of Swiggy, Paytm, Urban Company and Meesho, would look to deploy the fresh capital over a three-year time frame, unlike the previous fund, which was aggressively distributed among more the 30 startups.

Mukul Arora, Co-managing Partner at Elevation Capital, stated that sectors like Software-as-a-Service (SaaS), web3 and crypto will be the new focus areas, and an enlarged corpus would help them take bets.

As per Mukul, with a larger cheque, the VC firm can show a lot more conviction, even more than what the firm had in the past. And this will help them in writing bigger cheques in the first round itself – at the seed or Series A stage.

Speaking about the development, Deepak Gaur, Partner at Elevation Capital, said,

“There has always been a very strong demand from investors (limited partners or sponsors) to increase the fund size, but broadly it’s a function of our assessment of the opportunity to deliver the best returns in India and the size of the opportunity that we see.”

In March this year, Elevation Capital invested in Curelink, a Gurugram-based healthtech startup. Some recent funding rounds in which the VC firm has participated include-CityMall and Turnip.

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